Lagos State Governor, Babajide Sanwo-Olu, has disclosed that the state is facing hurdles in securing sovereign guarantees needed for the proposed $2.5 billion Fourth Mainland Bridge project.
The governor explained that potential financiers are insisting on a commitment from the Federal Government to secure funding, a condition that Lagos has found challenging to meet due to concerns about its debt profile and fluctuating currency rates.
Sanwo-Olu made the remarks during an interview on TVC’s Breakfast program on Monday, emphasizing that Lagos is exploring innovative funding strategies to ensure the project’s viability.
The governor assured Lagos residents that alternative funding models are being considered to align with the state’s financial sustainability. “Part of the things we’re looking at is how far down we can get a sustainable funding model that can still help Lagos to plan,” Sanwo-Olu said, stressing the importance of a cautious approach to debt management.
Sanwo-Olu highlighted infrastructure upgrades around Abraham Adesanya and ongoing projects such as the Omu Creek Road and the Regional Road, all part of preparations for the eventual commencement of the bridge project.
The proposed Fourth Mainland Bridge, initiated in 2006, spans approximately 37 kilometers, connecting Abraham Adesanya in Ajah to the Lagos-Ibadan Expressway via Owutu/Isawo in Ikorodu. It features nine interchanges, three toll plazas, and a 4.5-kilometer Lagoon Bridge, and is expected to be the longest bridge in Africa upon completion.
On food security, the governor announced plans to commission the first phase of a state food logistics hub in Ketu Ejinrin by June 2025. The hub is designed to ensure food sufficiency for Lagos residents by integrating supply chains from food-producing states.
Additionally, two mid-level food hubs, modeled after the Mushin facility, are set to be commissioned to further boost food availability and accessibility in the state.
Sanwo-Olu reiterated his administration’s commitment to delivering critical projects that enhance the lives of Lagosians while maintaining financial prudence.
